Question
a.)Martha Company incurred the following expenditures to buy a new machine: Invoice, $ 29,000 less 11% cash discount. Freight charges, $ 510 Assembly charges, $
a.)Martha Company incurred the following expenditures to buy a new machine:
Invoice, $ 29,000 less 11% cash discount.
Freight charges, $ 510
Assembly charges, $ 1,000
Special base to support machine, $ 505
Machine dropped and repaired, $ 370 .
What is the actual cost of the machine ?
b.)If Lee Silver depreciated his truck by the units-of-production method, calculate the first year's depreciation based on the following: (Round the depreciation rate to the nearest cent. Round the first year's depreciation to the nearest dollar.)
Cost $ 7,620
Residual value
$ 2,400
Estimated mileage 58,000
The truck was driven 7,200 miles in year 1.
The first year depreciation is ?
c.)Lee Ring depreciates his truck by the straight-line method. Calculate the yearly depreciation expense given the following:
Cost $ 7,600 Residual value $ 2,200 Service of useful life 5.5 years (Round to the nearest cent.) The annual straight-line depreciation is ?
d.)If Bob Grass depreciated his truck by the double declining-balance method, calculate the depreciation expense for year 1.
Cost $ 7,200 Residual value $ 2,400 Service of useful life 5 years
The depreciation for year 1 using double declining-balance is ? . (Round your answer to the nearest cent.)
DOING A TEST AND NEED THESE ANSWERS. PLEASE RESPOND TO ALL I JUST NEED ANSWERS THANKS
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